Events are an ever-evolving industry, constantly adapting and leveraging the latest technology. When Covid-19 shut down society as we knew it, event organizers turned to online structures to adapt. Now, hybrid and virtual events remain a central part of this industry.
But what about the metaverse? Here’s everything you need to know about the pros and cons of hosting events in this new space.
What is the Metaverse?
The metaverse refers to 3D virtual worlds accessed through virtual reality (VR) and other technology, such as computers or phones. In these worlds, you use digital avatars to engage with others in the space.
The term “metaverse” doesn’t refer to a specific technology; instead, it addresses a shift in how we interact through and with technology.
While the most common metaverse refers to that of Meta’s, others include Roblox, Fortnite, and Minecraft.
So, imagine a virtual, 3D, and interactive world where you can host events. What are the pros and cons of that?
Pros of Metaverse Events
As with traditional technology, events can benefit from hosting in the metaverse.
Pro 1: Future-Proofing
Perhaps the most significant benefit of adopting events in the metaverse is future-proofing. The event space has and will continue to build and adapt based on evolving technology.
It’s very possible that the metaverse will boom; by adapting to it now, event managers can future-proof their experiences.
Consider Covid. If the metaverse were a widely-adopted event option at the time, the pandemic wouldn’t have shut down the events space like it did.
Pro 2: Accessibility
By definition, the metaverse is accessible to anyone, anywhere. Attendees with various abilities won’t have to worry about coming out to your event. Instead, they can attend in the metaverse.
Metaverse events mean reaching people you otherwise couldn’t.
Pro 3: Increased Diversity
The metaverse enables diverse and inclusive events by being so accessible. Speakers and attendees worldwide can join the metaverse, increasing the odds of international attendance and diversity of viewpoints.
Similarly, the metaverse allows people to express their identities with avatars, including different genders, body shapes, skin tones, and more. You can even outfit avatars with wheelchairs, hearing aids, and more.
Some other benefits of the metaverse include:
- Customization
- Minimizing logistics
- Delivering on ESG initiatives (no travel, no food/material waste)
Cons of Metaverse Events
Although there are benefits, the metaverse also comes with some significant drawbacks.
Con 1: Cost
Metaverse events are notoriously expensive for both hosts and attendees. For instance, Meta’s Oculus VR set runs about $400 for the equipment attendees will need to participate. The cost adds up quickly if you’re planning on supplying this for your guests.
And, if it’s up to the attendees to buy the technology, ensure this aligns with your goals. If you want to break down barriers and make your event highly accessible, this may not be the best approach, as it alienates people of lower socioeconomic standing.
Be prepared for metaverse events to be exceptionally costly. It’s up to you to determine if it’s worth it.
Con 2: Connectivity
Metaverse events require high-speed fiber-optic internet connections. Although this is common in the US and Europe, not everyone has this. Pay attention to where ideal attendees are based, and ensure they have the internet to support metaverse events.
Con 3: Steep Learning Curve
Since VR is still a new phenomenon, adapting to the metaverse requires a steep learning curve. If you plan to host events in this space, plan to offer training videos for free to ensure a seamless experience.
Related: 5 Steps For Event Marketers Who Want To Drive Conversions Throughout The Funnel
Suited Industries and Event Types
Hosting in the metaverse is more appropriate for certain industries than others.
Academia is one of these industries, as the metaverse allows you to provide learning experiences that are more immersive than your traditional lecture.
Other industries ripe for the metaverse are industrial and manufacturing. Training can be done relatively effectively on simulated machines in digital factories.
Although you can host any event in the metaverse, some are more appropriate than others.
These include:
- Networking events
- Sales kickoffs
- Concerts
- Product launches
- Team-building events
Use a Tried-and-True Event Hosting Platform
If you’re going to host events in the metaverse, choosing an event management platform with experience hosting virtual and gamified events in 2D and 3D spaces is essential. Considering how notorious metaverse events are for technical errors, the platform you choose has a massive impact.
EventEngage has experience hosting gamified and virtual events in 2D and 3D spaces. We’d be happy to host your next metaverse event. Learn more today!
